FINANCE

Sales, expenses, taxes hit Village Super Market Q2 income

BY Dan Berthiaume

Springfield, N.J. – Village Super Market Inc. reported a 69% decrease in net income during the second quarter of fiscal 2014, compared to the same period in the prior year. Net income fell to $2.8 million from $9.1 million.

Village Super Market cited a charge for future lease obligations due to the closure of a store, an $840,000 partnership distribution realized in the second quarter of fiscal 2013, flat same-store sales, higher operating expenses as a percentage of sales and an increase in the income tax rate as a result of an unfavorable New Jersey Tax Court decision as all driving its substantial net income decline.

Net sales fared better, rising 2.6% to $392.2 million from $382.1 million. The company expects same-store sales in fiscal 2014 to range from a decrease of .5% to an increase of 1%.

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REAL ESTATE

Wayfair expands lease for planned Boston headquarters expansion

BY Dan Berthiaume

Boston — Online retailer Wayfair has added 170,000 sq. ft. to its lease with Simon Property Group at The Offices at Copley Place in Boston’s Back Bay neighborhood. In anticipation of a June 2014 relocation, the additional space brings Wayfair’s new office space to a total footprint of 275,000 sq. ft.

Currently based at 177 Huntington Avenue, Wayfair announced a 105,000-sq.-ft. lease with Simon Property Group and plans for a June 2014 move last spring. However, following a year of rapid growth and expansion, Wayfair now requires additional square footage to accommodate its Boston-based employees in a headquarters relocation to take place later this year. The new space is roughly three times the size of the company’s current headquarters and provides further expansion options to accommodate continued growth.

"With more than 1,600 employees, Wayfair is quickly becoming one of the largest employers in Boston," noted Niraj Shah, CEO and co-founder of Wayfair. "We are proud of our Boston roots and believe our location in the Back Bay is optimal for attracting and retaining top talent. We are excited to expand our footprint in the city of Boston and look forward to our move later this year."

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OPERATIONS

Life is Good partners with Attune Consulting

BY Dan Berthiaume

Boston – Life is Good is obtaining solutions support through a partnership with Attune Consulting. Since 2007, Life is Good has utilized Attune’s portfolio of business process, technology, training, and support services.

In particular, Life is Good has used Attune to help implement services and technology from SAP, including establishing a third-party warehouse and multi-currency system to facilitate the sale of products in multiple countries, as well as upgrading to SAP AFS 6.5 and providing support for key follow-on projects, including automation of the company’s EDI (electronic data exchange) outbound processes.

"Attune delivered on what they promised, and we’ve had their consultants onsite every year since to help scope projects and provide the support we need from planning and implementation to the go-live date and beyond," said Stacey Ireson, applications manager at Life is Good.

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